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Older Millennials Experience Pandemic Hardships Unequally
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James Pfister: Equity as accommodation or as help
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by Tyler Durden
Time is officially no longer on the side of millennials.
In almost every way measurable , millennials are up against the clock to build wealth - and are losing ground, according to a new Bloomberg report.
The report speculates that if a Covid recovery is even legitimately going to happen (which we take with a large grain of salt), that it may be the last chance for those around the age of 40 to build the wealth they will need for their later years.
But most millennials, instead of basking in an incredible recovery and acutely focusing on re-bulding (or building for their first time) their finances, feel like 40 year old Kellie Beach, a real-estate attorney. She rode out the pandemic like most Americans:
College Accounts at Birth: State Efforts Raise New Hopes
Creating and seeding accounts for every newborn is found to have an impact on aspirations as well as savings.
Talasheia Dedmon enrolled her son Braylon in a college savings account through SEED for Oklahoma Kids, an effort to help a new generation climb the educational ladder and build assets. Credit.September Dawn Bottoms for The New York Times
April 27, 2021, 5:00 a.m. ET
Braylon Dedmon was 3 days old when his mother, Talasheia, was offered $1,000 to open a college savings account in his name.
“I was like, ‘What?’” Ms. Dedmon recalled. Her skeptic’s antennae tingled. “I was a little scared.” Was this a scam?
Pixabay
A few years ago, as everyone focused incessantly on millennials apparent obsession with avocado toast, a team of researchers at the Federal Reserve Bank of St. Louis got to work investigating something much more serious: millennial wealth. They found that the typical millennial household, as of 2016, had only about $28,000 in net worth putting them 40% behind what previous generations had in wealth at the same age (in inflation-adjusted terms). The data suggested we millennials were becoming a lost generation, destined to be poorer than the generations that preceded us.
Baby boomers and Gen Xers have faced their fair share of calamities stagflation, the double-dip recession of the 1980s, disco but millennials have had it really rough. Millennials who got college degrees exited school deep in debt and entered a job market ravaged by the Great Recession. Millennials who didn t get college degrees found it harder to get a good-paying, blue-collar job, after trade and
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